The JSDs will bear interest on their principal amount from and including January 31, 2008 at the annual rate of 8.500% payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, beginning on March 15, 2008.
M&T Bank Corporation has the right, on one or more occasions, to defer the payment of interest on the JSDs for one or more consecutive interest periods that do not exceed five years or, if earlier, until the first interest payment date on which it pays current interest without being subject to its obligations under the alternative payment mechanism described in this prospectus supplement and for one or more consecutive interest periods that do not exceed 10 years without giving rise to an event of default. In the event of M&T?s bankruptcy, holders of the JSDs will have a claim for deferred interest that may be limited.
At M&T?s option, the Capital Securities may be redeemed (i) at 100% of their liquidation amount on or after January 31, 2013 or prior to such date after the occurrence of a Ùtax event,ˆ Ùcapital treatment event,ˆ or Ùinvestment company event,ˆ as described herein, or (ii) at a make-whole redemption price after the occurrence of a Ùrating agency event,ˆ as described herein, in each case plus accrued and unpaid distributions through the date of redemption. Any redemption, repayment or purchase by M&T prior to January 31, 2048 is subject to the replacement capital covenant described herein.
The JSDs will mature on January 31, 2068.
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M&T Bank is a bank holding company. Through its subsidiaries, Co. provides individuals, corporations and other businesses, and institutions with commercial and retail banking services, including loans and deposits, trust, mortgage banking, asset management, insurance and other financial services. Banking activities are primarily focused on consumers residing in New York State, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Massachusetts, Maine, Vermont, New Hampshire, Virginia, West Virginia, and the District of Columbia and on small and medium-size businesses based in those areas. Certain subsidiaries also conduct activities in other areas. Preferreds: MTB.PRA, MTB.PR, MTB.PRC, MTB.PRH Open the MTB Information Page » |
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